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SOCS10261G Scams Frauds Identity Theft Crimes of Deception in the Information Age - Term 1129, Class 75036
Earl Jones and the Ponzi Tragedy
Finances affect everyone’s life and the choices they make, increases and decreases of money are happing all around us in all of our everyday lives. There are several ways people make their income and people are satisfied with what they have, so we develop ways in order to gain more income and pleasure this need for money. There are many legal ways to do so, unfortunately for several people Earl Jones did not choose a legal path in obtaining his finances. Mr. Jones used an investment fraud referred to as the Ponzi scheme. It’s a scheme made famous in 1920 by a man names Charles Ponzi, although he wasn’t the inventor of this plan, he was just the first man to take so much money that it became popular all across the United States of America. The scheme works by promising investors abnormally high returns, but then not invest their money and just pay the client and himself dividends with the original investment.
Bertram Earl Jones, known as Earl Jones was born on June 24th in the year 1942 in Montréal Québec. Jones “grew up in the tightly knit, modest neighbourhood called Notre-Dame-de-Grace, the youngest of four children. Harming, warm and generous, he commanded loyalty throughout the neighbourhood “(Gartner, 2010). In his early twenties he landed his first job at the Montreal Trust Company where he became experienced in all the following: investment management, estates and trust administration, will planning and manager of the mortgage department. With this knowledge he felt that he was ready to begin his own investment advisory company, although he was not registered by law. He went on to scam 50 million dollars from 150 clients before being caught.
Mr. Jones became extremely wealthy very quickly when he began running his own investment advisory. All of his...
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